Another Strong Marlin Result

Results for announcement to the market Name of issuer Marlin Global Limited Reporting Period 12 months to 30 June 2019 Previous Reporting Period 12 months to 30 June 2018 Currency NZ$ Amount (000s) Percentage change Revenue from continuing operations $11,791 -59% Total Revenue $11,791 -59% Net profit/(loss) from continuing operations $8,370 -65% Total net profit/(loss) $8,370 -65% Interim/Final Dividend Amount per Quoted Equity Security $NZ 1.93 cents per share Imputed amount per Quoted Equity Security $NZ 0.002222 Record Date 12 September 2019 Dividend Payment Date 26 September 2019 Current period Prior comparable period Net tangible assets per Quoted Equity Security $0.96 $1.02 A brief explanation of any of the figures above necessary to enable the figures to be understood The financial statements attached to this report have been audited by PricewaterhouseCoopers and are not subject to a qualification. A copy of the auditor's report applicable to the financial statements is attached to this announcement. Authority for this announcement Name of person authorised to make this announcement A.B. Ryan Contact person for this announcement W.A. Burns Contact phone number (09) 4840352 Contact email address enquire@marlin.co.nz Date of release through MAP 20 August 2019 Audited financial statements accompany this announcement. 20 August 2019 Another strong Marlin result Highlights o Net profit after tax of $8.4m o Total shareholder return +15.5%* o Adjusted NAV return 6.8%# o Dividend return 9.0% (7.87 cps) Marlin Global Limited (NZX: MLN) today announces a net operating profit after tax for the 12 months ended 30 June 2019 of $8.4 million. (2018 : $23.8m). Chair Alistair Ryan said, "We are pleased with Marlin's performance, during what was a particularly volatile and challenging period. Global markets suffered a sharp correction in late 2018 before recovering in the second half of the financial year. The Marlin portfolio lifted 10.1%** before expenses, fees and tax, well ahead of its benchmark index## which rose 2.1%. Senior Portfolio Manager Ashley Gardyne said: "The strong portfolio performance in the second half of the financial year was broad-based with most of our portfolio companies delivering double digit returns over the second six months." Mr Gardyne added, "During the year we made a number of changes to the Marlin portfolio, including adding more exposure to the Financials and Information Technologies sectors. New portfolio holdings Dollar General, Dollar Tree and Electronic Arts contributed to the positive second half of the financial year during which the Marlin portfolio rallied more than 20% from its lows." In accordance with Marlin's quarterly distribution policy (2% of average NAV per quarter), the company paid a total of 7.87 cents per share to shareholders during the year ended 30 June 2019. Today, the Board declared a dividend of 1.93 cents per share, payable on 26 September 2019 with a record date of 12 September 2019. The Marlin board is pleased to advise that it has negotiated a 33% reduction to the Manager's performance fee earn rate (above the performance hurdle) from 15% to 10% together with the introduction of a cap (1.25%) on the total performance fee amount. The payment of any performance fee remains unchanged at 100% in cash, however there is no longer an obligation on the Manager to apply 25% of any performance fee to the purchase of ordinary shares in Marlin. The changes take effect from 1 July 2019. The Marlin board wishes to acknowledge the positive response from Fisher Funds Management Limited to enter into fee discussions and for agreeing to these changes which will be of significant benefit for Marlin shareholders in the circumstances when a performance fee is earned. There has been no change to the fulcrum fee, where the base management fee can be reduced on a sliding scale below 1.25% to as low as 0.75% depending on the performance of the fund. The Board considers that the combination of the fulcrum fee for lower performance, with the potential for the Manager to receive upside benefit for performance above the nominated threshold level is an equitable fee structure for shareholders and the Manager. For further information, please contact: Corporate Manager Marlin Global Limited Tel: (09) 484 0352 * Total shareholder return - the return to an investor who reinvests their dividends, and if in the money, exercises their warrants at warrant maturity date for additional shares. # Adjusted net asset value return - the return to an investor after fees, expenses and tax. ** Gross performance return - The Manager's portfolio performance in terms of stock selection and currency hedging before expenses, fees and tax. ## S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD). The total shareholder return, adjusted NAV return and gross performance return methodologies are described in the Marlin Global Non-GAAP Financial Information Policy. A copy of the policy is available at http://marlin.co.nz/about-marlin/marlin-policies/ About Marlin Global Marlin Global is a listed investment company that invests in growing companies based outside of New Zealand and Australia. The Marlin portfolio is managed by Fisher Funds, a specialist investment manager with a track record of successfully investing in growth company shares. The aim of Marlin is to offer investors competitive returns through capital growth and dividends, and access to a diversified portfolio of investments through a single, tax-efficient investment vehicle. Marlin listed on the NZX Main Board on 1 November 2007 and may invest in companies that are listed on any approved stock exchange (excluding New Zealand or Australia) or unlisted international companies not incorporated in New Zealand or Australia. End CA:00339444 For:MLN Type:FLLYR Time:2019-08-20 12:24:51